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Julia Nikolaus is a content strategist for an LA-based company. She enjoys working with food and drink brands along with pet clients. In her free time, Julia likes to bake new recipes, take dance classes, and spend time outdoors.
Whether you’re applying for an equity loan, putting your house on the market, or simply looking to increase your property value for the long term, there’s little downside to boosting your home’s worth. After all, your home is likely your biggest investment, so you’ll want it to appreciate significantly over time.
Fortunately, you can proactively impact your home’s value by making some strategic improvements both inside and out. Follow these four tips to ensure your investment grows.
Expand Your Square Footage
When it comes to home value, size matters. Adding liveable square footage to your house improves its functionality, attracts a broader range of potential buyers, and increases its worth.
Often referred to as Accessory, Additional, or Alternative Dwelling Units (ADUs), these property add-ons can be conversions of existing under-roof areas such as garages, attics, and basements, or they can be separate structures altogether.
Your custom ADU can be designed as:
- A rental unit that generates extra income
- A home for senior family members seeking an alternative to assisted living
- A dedicated workspace for home-based businesses
However you choose to use your ADU, maximizing your investment requires careful planning.
It’s advisable to work with an experienced designer to ensure your expenditure provides an acceptable return on your investment. A professional will also advise you on maintaining compliance with zoning restrictions and residential regulations.
Improve Your Exterior
Because the outside of your home makes the first impression on visitors, appraisers, and potential homebuyers, maximizing your curb appeal is important. No matter how updated and attractive your interior is, if the front is unkempt and lackluster, your home loses its perceived value. Here are three things to address.
Painting
If you can’t remember the last time you painted your house, it’s overdue. Repainting not only refreshes your exterior appearance but also offers a chance to bring an older home’s color scheme up to date. Be sure to add a fresh coat to your front door and window trim, too, as this goes a long way toward making your house appear well-maintained.
Landscaping
Don’t let your fresh and flawless paint job get lost behind overgrown foliage. Cut back shrubs and tree branches to show off your home and keep everything looking tidy. If your yard appears a bit barren, planting additional trees, hedges, and flowers will breathe new life into it.
Outdoor Living
Given the popularity of indoor/outdoor lifestyles, creating comfortable spaces for fun and relaxation in your yard is a sure value-booster. Adding outdoor “rooms” dedicated to activities like reading, dining, sunbathing, and gameplay enhances the liveability of your backyard. Starting with elements like professional patio paver installation lays the literal groundwork for designing distinct living zones that meld the indoors and outdoors of your home.
Increase Your Energy Efficiency
Making energy-efficient home improvements boosts your property value by making your home less costly to operate. That leaves more money in your pocketbook each month and inflates your home valuation in the eyes of both lenders and potential buyers. Key ideas to boost efficiency include:
- Solar panels – Installation could reduce your home’s energy costs to zero. Because these can be costly, consult a return-on-investment calculator to determine if the expenditure is worth it.
- Insulation – Retrofitting or replacing your insulation provides better temperature regulation, improves indoor air quality, and reduces the workload on your appliances and HVAC system. While older insulation may still be getting the job done, newer materials are more efficient and sustainable.
- Windows and Doors – Swapping these out throughout your home keeps the heated or cooled air inside from escaping. Look for Energy-Star-certified models to ensure top efficiency.
Properties with these energy-wise features have significant appeal for two types of buyers: those who want to keep their monthly expenses in check and those who are eco-conscious. Even if you don’t plan to sell, as a homeowner, you’ll reap the same benefits. You might even further pad your pockets through tax credits and rebates that are offered with some high-efficiency purchases.
Upgrade Your Kitchen
While the other tips have taken a holistic look at home enhancements, there is one room you can turn your attention to if you want to take a more focused approach to boosting value: your kitchen. In a recent HomeLight survey of real estate agents, 92 percent of respondents reported that modernizing your kitchen is the best way to appeal to buyers. Here’s what to prioritize when remodeling the heart of your home.
New Appliances
Replacing outdated appliances with high-quality, energy-efficient models reduces your cooking costs while attracting potential buyers. Although it pays to buy the best products on the market, there are good options at almost any price point. Splurge on built-ins that match your cabinetry if you can. If that’s out of your budget, then stainless steel remains the standard for finishes and works with almost any design aesthetic.
Efficient Layout
Efficiency matters in more than just energy savings. It also applies to productivity and ease of movement throughout your kitchen space. Pay attention to the “action triangle” and redesign your kitchen to place your sink, refrigerator, and cooktop in a triangle configuration. This layout maximizes workflow, from preparation to cooking to cleanup.
Refurbished Cabinetry
Most kitchen storage is built to last in terms of sturdiness, but that doesn’t mean the appearance of your cupboards has kept up with the times. Consider refacing your cabinets or adding a coat of paint or stain to update them. Swapping out wooden doors for glass-fronted ones is another way to keep your cabinetry current.
Functional Flooring
Kitchens are prone to spills and dropped skillets, both of which damage flooring. The key is to choose a durable, water-resistant, easy-to-clean flooring material that’s as attractive as it is practical. Look to ceramic tiles or more modern choices like cork, bamboo, or concrete to balance beauty and sturdiness.
Whatever your motivation, there’s little downside to taking steps to boost your property value. Following these four tips will increase your home’s worth while making it more enjoyable for your family or a new homeowner for years to come.
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